HomeMy WebLinkAboutMINUTES - 12171991 - 1.148 TO: BOARD OF SUPERVISORS/REDEVELOPMENT AGENCY '
=_ Contra
FROM: Harvey E. Bragdon _ (JIJJ`a
Director of Community Development
DATE: December 17, 1991
SUBJECT: Loan of County Affordable Housing Special Revenues to the
Redevelopment Agency for the Pleasant Hill BART Assemblage
Expenses (Area 4) .
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve a loan from Contra Costa County Affordable Housing Special
Revenues to the Contra Costa County Redevelopment Agency for costs
associated with the assemblage of Area 4 in the Pleasant Hill BART
Station Area Redevelopment Plan;
Authorize the Director of Community Development to execute a Repayment
Agreement with the Redevelopment Agency; and
Authorize the Redevelopment Director or his Designee to execute a
Repayment Agreement with the County of Contra Costa.
FISCAL IMPACT
This action provides for a loan of up to $2 . 3 million from the
County's Affordable Housing Special Revenues. The Redevelopment
Agency will repay the County upon sale of the assembled properties to
a private developer and from future tax increments generated by the
projects. Funds to be advanced are from a non-general fund source.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On December 3 , 1991 the Redevelopment Agency received a report and
recommendations regarding actions necessary to complete the assemblage
of development of Area 4 at the Pleasant Hill BART Station. The
Agency approved the report and recommendations. Among the actions
approved was the acceptance of a loan of County Affordable Spec
Revenues to the Agency as provided herein.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDTI N OF B07 COMMIT
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development
County Administrator ATTESTED Z / 99
County Counsel PHIL BATCHELOR, CLERK OF
Auditor-Controller THE BOARD OF SUPERVISORS
via Community Development AND COUNTY ADMINISTRATOR
Goldfarb & Lipman
SRA20/jb/phbart4 .bos BY , DEPUTY